India Launches Auction for Critical Minerals to Meet Renewable Energy & Defence Needs
NEW DELHI: In order to meet the demands of the renewable energy, defence and agriculture sector in the country, the Centre will launch the first round of auction of critical and strategic minerals on Wednesday putting 20 blocks under the hammer. Twenty blocks of critical and strategic minerals being put on sale are spread across the country, an official statement said.
As the critical minerals are important for the country's economic development and national security, the government also said that the proposed bidding would take place online via two stages ascending forward auction process. “The sale of tender documents will begin from Wednesday, and the details of the mineral blocks, auction terms, timelines etc can be accessed on MSTC auction platform,” the statement added.
There is high demand for critical and strategic minerals in which such demand minerals are usually met by imports. Critical minerals meet the needs of sectors like renewable energy, defence and agriculture. “This is a landmark initiative that will boost our economy, enhance national security and support our transition to a clean energy future,” the ministry said.
There is high demand for critical and strategic minerals. Their demand is usually met by imports. Critical minerals cater to the needs of sectors like renewable energy, defence and agriculture. These minerals are essential for our economic development, the country and its security.
“The lack of availability of these minerals or concentration of their extraction or processing in a few countries may lead to supply chain vulnerabilities. The future global economy will be underpinned by technologies that depend on minerals such as lithium, graphite, cobalt, titanium and rare earth elements (REE),” the statement said.
Recently 24 minerals were notified as critical and strategic minerals through an amendment in the mining rule. The revenue generated from these auctions will accrue to states. India has committed to achieve 50 per cent of cumulative electric power installed capacity from non-fossil sources by 2030.
